pointsa must 100 basis below where it was then. >> either, much like monetary policy, lower unemployment works on variable lag or there is no linear relationship between a lower unemployment and price levels. >> you go back to what has happened over the great financial crisis. on top of that, you have an escalation of globalization technology. structural forces seem to have taken a step higher at the same time. 2009 it was masked by that. that is the fed is grappling with. >> you think about the trading regime, we were talking about the goldilocks regime. we spent most of 2018 talking about whether we would break into a new regime. a reseller? -- are we still there? >> i think we are. mind is funnyy fed tries to go above neutral which may happen late 2019 or early 2020. the fan to take the fund 3% higher. that is away from eight normalization regime into tightening. that is why wonder how risk assets and credit react. if it were a lot closer to neutral than 2000 and 19, look at the original estimates. than 2019, look at the original estimates. that is within firing distance of the next t